In early 2014 Inspired Solutions was awarded its second contract for the design and management of an SME seed accelerator, as part of BP Oman’s social investment initiative.
The Khazzan Growth Finance Project (“Khazzan”) is named after the Khazzan gas field which BP has been engaged to develop in north-central Oman.
This new seed accelerator will target SMEs and Entrepreneurs in the Dakhliya and Dhahira areas which border the Khazzan gas field, as this is BP’s targeted region for social development.
Inspired Solutions designed a training program which seeks to develop the financial literacy, financial controls, and investment know-how of the local SMEs. In addition to the non-repayable seed grant provide by BP, the local SMEs will also be eligible for debt financing based upon the investment proposals developed during the training.
As such the target for this accelerator is a more sophisticated SME which is open to increasing its planning and control, and to the possibility of equity financing.
As part of this project, Inspired Solutions is also harnessing its network of successful Omani entrepreneurs and creating an angle investor group which will be reviewing the investment proposals with an eye to private equity investment.